Shufercell reports a 3.3% increase in revenue in the last quarter

The group's revenues in the second quarter amounted to approximately 3.7 billion shekels, compared to approximately 3.6 billion shekels last year, an increase of approximately 3.3.

However, there was a decrease in operating profit and net profit.

The chairman and CEO: "The company continues to strengthen the core of the activity in the chain's branches and promote its growth strategy"

Bini Ashkenazi

08/17/2022

Wednesday, August 17, 2022, 12:31 Updated: 12:44

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Shufersel Logistics Center (Photo: Reuven Castro, Robbie Castro)

Shufersal Group publishes the financial statements from which it appears that the group's revenues in the second quarter amounted to approximately NIS 3.7 billion, compared to approximately NIS 3.6 billion last year.

This is an increase of about 3.3%, which is mainly attributed to the effect of seasonality and the expansion of business market activity.

However, the group's revenues in the first half amounted to approximately NIS 7.2 billion compared to approximately NIS 7.4 billion - in the corresponding period last year.

The decrease is mainly attributed to an accelerated return to normality as part of the exit from the Corona epidemic (which greatly increased shopping in the food industry), the increase in flights abroad by residents of the State of Israel, who are leaving the country's borders for the first time after a long period when this was not possible, and the opening of wider consumption options for the public, in accordance with the trend the overall world.

The operating profit in the second quarter amounted to about NIS 107 million, which is about 2.9% of the group's revenues, compared to about NIS 183 million, which was about 5.1% of the group's revenues in the corresponding quarter last year.

The decrease in operating profit was due to an increase in total expenses as a result of an increase in the group's activity, the increase in the price of inputs and the effect of inflation.

The operating profit in the first half amounted to approximately NIS 209 million, approximately 2.9% of the sales turnover, compared to approximately NIS 381 million in the corresponding period last year, which constituted approximately 5.2% of the sales turnover.

The net profit in the second quarter amounted to about NIS 68 million, which is about 1.8% of the revenues, compared to about NIS 97 million, which was about 2.7% of the revenues in the corresponding quarter last year.

Whereas the net profit in the half amounted to about NIS 95 million (about 1.3% of sales), compared to about NIS 211 million (2.9% of sales) in the corresponding period last year.

Itzik Abarkhan, chairman of Shufersal's board of directors. "The company is preparing to adjust the group's expenses, in a way that will allow it to return to the profitability rates that characterized the previous quarters" (Photo: Reuven Castro, Robbie Castro)

Decrease in online, increase in private label

Shufersal online sales amounted in the second quarter to approximately 18.5% of all food retail sales, compared to approximately 19.5% in the corresponding quarter last year.

In the first half of the year Shufersal online sales stood at about 20.1% compared to about 21% in the corresponding period last year.

The share of private label sales in the second quarter rose to approximately 26.7% of total food retail sales, compared to approximately 26.1% in the corresponding quarter last year.

In the first half, the share of private label sales was about 27.1% compared to about 26.8% in the corresponding period last year.

, said today: "The results of the second quarter reflect the return to normality and the exit from the Corona closure period. The company is preparing to adjust the group's expenses, in a way that will allow it to return to the profitability rates that characterized the previous quarters And at the same time, continues accelerated activity to promote the various business areas.

The company continues to strengthen the core of activity in the chain's branches and promote its growth strategy, primarily the online activity, the Be network, Shufersale business activity, Shufersale finance, the customer club, the private label and more.

Through them, the company works to improve its value proposition to the Israeli consumer while promoting innovation and differentiation in the market in which it operates."

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